Q2 2025 Holdings
Filed 2025-08-13 | 34 holdings | $349.5M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| HSBC Hldgs PLC(HBC2) | SPON ADR NEW | 404280406 | $76.9M | 1,265,656 | 22.0% |
| Gerdau SA(GGB) | SPON ADR REP PFD | 373737105 | $55.7M | 19,069,112 | 15.9% |
| Burford Cap LTD(BUR) | ORD SHS | G17977110 | $36.5M | 2,556,748 | 10.4% |
| Vale S A(VALE) | SPONSORED ADS | 91912E105 | $34.5M | 3,551,171 | 9.9% |
| Ternium SA(TX) | SPONSORED ADS | 880890108 | $29.9M | 992,413 | 8.5% |
| Algoma STL Group Inc(ASTL) | COM | 015658107 | $24.6M | 3,572,018 | 7.0% |
| Petroleo Brasileiro SA Petro(PBR) | SPONSORED ADR | 71654V408 | $24.1M | 1,928,173 | 6.9% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $15.3M | 219,243 | 4.4% |
| Lithium Argentina AG | NOTE 1.750% 1/1 | 53680QAA6 | $13.0M | 16,000,000 | 3.7% |
| Emerald Holding Inc(EEX) | COM | 29103W104 | $3.8M | 783,862 | 1.1% |
| National Cinemedia Inc(NCMI) | COM NEW | 635309206 | $3.6M | 739,899 | 1.0% |
| Brightview Hldgs Inc(BV) | COM | 10948C107 | $3.4M | 206,566 | 1.0% |
| Caesars Entertainment Inc NE(CZR) | COM | 12769G100 | $3.4M | 119,500 | 1.0% |
| PG&E Corp(PCG) | COM | 69331C108 | $2.8M | 200,000 | 0.8% |
| Macys Inc(M) | COM | 55616P104 | $2.3M | 200,000 | 0.7% |
| Sabre Corp(SABR) | COM | 78573M104 | $2.2M | 705,000 | 0.6% |
| Advantage Solutions Inc(ADV) | COM CL A | 00791N102 | $2.1M | 1,611,140 | 0.6% |
| Century Casinos Inc(CNTY) | COM | 156492100 | $1.9M | 889,144 | 0.5% |
| Pitney Bowes Inc(PBI) | COM | 724479100 | $1.7M | 160,000 | 0.5% |
| Clear Channel Outdoor Hldgs(CCO) | COM | 18453H106 | $1.7M | 1,452,614 | 0.5% |
| Noble Corp PLC(NE) | ORD SHS A | G65431127 | $1.6M | 60,000 | 0.5% |
| Valaris LTD(VAL) | CL A | G9460G101 | $1.3M | 31,434 | 0.4% |
| Viper Energy Inc(VNOMUSD) | CL A | 927959106 | $1.2M | 32,114 | 0.4% |
| United Parks & Resorts Inc(PRKS) | COM | 81282V100 | $1.1M | 22,500 | 0.3% |
| Cleveland-Cliffs Inc New(CLF) | COM | 185899101 | $874.0K | 115,000 | 0.3% |
| NCR Atleos Corporation(NATL) | COM SHS | 63001N106 | $827.4K | 29,000 | 0.2% |
| NCR Voyix Corporation(VYX) | COM | 62886E108 | $551.3K | 47,000 | 0.2% |
| Skillsoft Corp(SKIL) | CL A | 83066P309 | $551.0K | 34,500 | 0.2% |
| Mattel Inc(MAT) | COM | 577081102 | $394.4K | 20,000 | 0.1% |
| Ardagh Metal Packaging S A(AMBP) | SHS | L02235106 | $385.2K | 90,000 | 0.1% |
| Leslies Inc | COM | 527064109 | $372.5K | 887,112 | 0.1% |
| Magnera Corp(MAGN) | COM SHS | 55939A107 | $338.2K | 28,000 | 0.1% |
| ON Semiconductor Corp(ON) | COM | 682189105 | $288.3K | 5,500 | 0.1% |
| Masterbrand Inc(MBC) | COMMON STOCK | 57638P104 | $262.3K | 24,000 | 0.1% |